Hong Kong legislator invites Coinbase to the region amid SEC scrutiny

With its progressive stance connected cryptocurrencies, Hong Kong's legislator invites Coinbase and different crypto exchanges to found operations successful the region, fostering a favorable situation for the industry's growth.

Legislative Council subordinate Johnny Ng took to Twitter, expressing enactment and offering assistance to crypto trading operators similar Coinbase. He besides hinted astatine imaginable banal listing opportunities. This comes successful the aftermath of the caller SEC lawsuits against large players similar Binance and Coinbase.

Contrary to the cautious stance adopted by respective Western countries towards cryptocurrencies, Hong Kong has embraced a contrasting attack by actively overseeing crypto assets done regulation. In January 2023, Paul Chan, the Financial Secretary of Hong Kong, declared the government's dedication to establishing a beardown ecosystem for crypto and fintech. Subsequently, Hong Kong has been diligently formulating regulations and implementing compliance measures to nurture the expansion of the cryptocurrency industry.

I hereby connection an invitation to invited each planetary virtual plus trading operators including @coinbase to travel to HK for exertion of authoritative trading platforms and further improvement plans. Please consciousness escaped to attack maine and I americium blessed to supply immoderate assistance. pic.twitter.com/bcIi1IjMlc

The Hong Kong Monetary Authority (HKMA) precocious revealed its intentions to found the groundwork for the instauration of a retail Central Bank Digital Currency (CBDC). This initiative, announced connected June 9, seeks to analyse the advantages of CBDCs arsenic a means of outgo for mundane transactions and to facilitate lawsuit entree to cryptocurrency exchanges.

Furthermore, the invitation extended by Legislative Council subordinate Johnny Ng signifies Hong Kong's dedication to becoming a integer hub for the crypto industry. Notably, some OKX and Huobi compliance entities are already participating successful this endeavor and are presently listed connected the Hong Kong Stock Exchange.

The favorable attack towards cryptocurrencies successful Hong Kong has garnered important involvement from salient planetary exertion companies. As grounds of this, successful January, Samsung, the renowned Korean tech giant, made an announcement regarding the introduction of a Bitcoin Futures Active Exchange-Traded Fund (ETF) connected the Stock Exchange of Hong Kong. This determination exemplifies the increasing designation and engagement of influential manufacture players successful Hong Kong's crypto ecosystem.

Related: Hong Kong’s regulatory pb sets it up to beryllium large crypto hub

Additionally, successful mid-February, reports surfaced indicating that Chinese officials were granting strategical approval to the pro-crypto initiatives undertaken by Hong Kong. This designation from Chinese authorities further highlights the value of Hong Kong's efforts successful the crypto abstraction and their imaginable interaction connected the broader integer currency landscape.

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